Company No: SC066726 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	203,788		172,217
Investments	4	6,662,917		6,486,058
		6,866,705		6,658,275
Current assets
Debtors	5	5,513,303		5,294,328
Investments	6	1,471,078		1,471,078
Cash at bank and in hand		10,516		7,011
		6,994,897		6,772,417
Creditors: amounts falling due within one year	7	( 325,042)		( 366,832)
Net current assets		6,669,855		6,405,585
Total assets less current liabilities		13,536,560		13,063,860
Creditors: amounts falling due after more than one year	8	( 717,738)		( 300,000)
Provision for liabilities		( 549,574)		( 574,399)
Net assets		12,269,248		12,189,461
Capital and reserves
Called-up share capital	9	3,000		3,000
Profit and loss account		12,266,248		12,186,461
Total shareholders' funds		12,269,248		12,189,461

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Melantic Limited (registered number: SC066726) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Anne Hughes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Melantic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Heritage House, 141 Shore Street, Fraserburgh, Aberdeenshire, AB43 9BP, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents commission receivable for fish selling and related services. Turnover is recognised as services are provided.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery etc.	20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture in which the company holds a long term interest and where the company has significant influence. The company considers that is has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		7

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	120,496		197,078		317,574
Additions	0		58,325		58,325
Disposals	0		( 32,509)		( 32,509)
At 31 December 2024	120,496		222,894		343,390
Accumulated depreciation
At 01 January 2024	0		145,357		145,357
Charge for the financial year	0		17,945		17,945
Disposals	0		( 23,700)		( 23,700)
At 31 December 2024	0		139,602		139,602
Net book value
At 31 December 2024	120,496		83,292		203,788
At 31 December 2023	120,496		51,721		172,217

4. Fixed asset investments

	Investments in associates		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 January 2024	6,358,370		127,688		6,486,058
Additions	184,190		0		184,190
At 31 December 2024	6,542,560		127,688		6,670,248
Provisions for impairment
At 01 January 2024	0		0		0
Impairment	7,331		0		7,331
At 31 December 2024	7,331		0		7,331
Carrying value at 31 December 2024	6,535,229		127,688		6,662,917
Carrying value at 31 December 2023	6,358,370		127,688		6,486,058

5. Debtors

	2024		2023
	£		£
Trade debtors	2,068,078		1,602,862
Amounts owed by associates	3,166,156		3,521,156
Corporation tax	0		64,394
Other debtors	279,069		105,916
	5,513,303		5,294,328

Amounts owed by associates are interest free and repayable on demand.

6. Current asset investments

	2024		2023
	£		£
Other investments – at cost less impairment	1,471,078		1,471,078

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	182,750		233,883
Taxation and social security	80,569		31,728
Obligations under finance leases and hire purchase contracts	2,887		917
Other creditors	58,836		100,304
	325,042		366,832

The bank loan is secured by a Government backed guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	680,000		300,000
Obligations under finance leases and hire purchase contracts	37,738		0
	717,738		300,000

The bank loan is secured by a Government backed guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1,600 A ordinary shares of £ 1.00 each	1,600		1,600
700 B ordinary shares of £ 1.00 each	700		700
700 C ordinary shares of £ 1.00 each	700		700
	3,000		3,000

10. Related party transactions

Melantic Limited act as fish selling agent for each of the vessels in which it has an investment. All trading is on a normal commercial basis. Transactions during the year were as follows:

Share of investment profit/losses - £342,238 (2023 - £209,560)
Commission income received - £582,030 (2023 - £629,998)
Quota hire income received - £209,674 (2023 - £181,482 )
Quota hire expense - £72,000 (2023 - £44,100)

At the year end the balance outstanding due to Melantic Limited from a connected party was £3,166,156 (2023 - £3,521,156). There are no set terms for repayment and no interest charged.

11. Ultimate controlling party

Parent Company:

MB Daystar BF250 Limited

Heritage House 141 Shore Street Fraserburgh AB43 9BP

The company's immediate parent company is MB Daystar BF250 Limited, which owns 53.3% of the issued share capital. The ultimate parent company is Place D'or 25 Limited. No one individual controls Place D'or 456 Limited.